CHROMA — Interim / Quarterly Report 2014

Aug 5, 2014

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Your Testing Quality is Our Commitment.

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致茂電子股份有限公司

2014

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2014 年 8 月 5 日

Disclaimer

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This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “plan”, “forecast”, “project”, “predict”, “potential”, “continue”, “may”, “should”, “will”, and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forwardlooking statements are no guarantee of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law. This presentation and the information contained herein are the property of Chroma Ate Inc.

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議程

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• 公司簡介 • 財務數據 • 營運概況 • 問與答

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公司簡介

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公司簡介

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• 致茂電子成立於 1984 ，為自有品牌之自動化檢測解

決方案供應商。商品包含提供產業相關之測試儀器

設備及整合自動化測試系統。

• 經營宗旨：精密、可靠、創新。

• 致茂集團包含致茂主體，威光自動化及日茂新材料

三個事業體。

• 2013 年合併營收為 102 億新台幣。

• 2013 年淨利為 12 億新台幣。

• 致茂集團截至 2014 年 6 月底員工總數為 2,179 人。

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致茂主體合併營收
日茂新材料合併營收 威光自動化合併營收
其他
14,886
14,148
11%
8%
11,644
10,914
6% 10,171
12%
18%
56% 47% 48% 48% 34%
32% 40% 41% 43% 44%
2009 2010 2011 2012 2013
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財務表現

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集團合併總營收 集團合併 總營收 研發費用
營業毛利
營業毛利率
研發費用佔營收比
致茂主體
14,886 5,640 55%
54%
14,148 51% 5,338
55%
52%
11,644 37% 4,174
3,926
10,914
29% 28% 29% 10,171 3,444
24%
16%
15%
14%
12%
11%
603 630 637 631
481
致茂母公司員工數： 1,320  ( 研發人員比重 36%)
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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2009

2009

2010

2011

2012

2013

財務表現

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股東權益報酬率

股利政策

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每股盈餘 現金股利
股票股利
25% 5.05
4.06
19% 3.80
3.21
14% 15%
2.52
2.50 2.50
12%
2.50
2.00 2.00
0.30 0.40
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2009 2010 2011 2012 2013

2009 2010 2011 2012 2013

致茂電子全球據點

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全球員工總數： 2,179  , 營業據點 x16, 經銷商 x58, 子公司 x6

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Europe : Netherlands / Finland
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US : Hong Kong : Neworld Irvine / Foothill Ranch, CA Tempe, AZ Japan: Shin Yokohama China : Shenzhen / Dongguan / Xiamen / Suzhou

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財務數據

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2014年上半年合併損益表摘要

	合併損益表 (單位:佰萬新台幣，除每股盈餘為新台幣元)		2014.1H %		2013.1H % YoY %
	淨營業收入		4,634 100.0%		5,055 100.0% (8%)
	量測儀器事業部之合併營收(淨值)		2,534 54.7%		1,934 38.3% 31%
	威光自動化事業部之合併營收		295 6.4%		1,103 21.8% (73%)
	日茂特殊材料事業部之合併營收		1,579 34.0%		1,800 35.6% (12%)
	其他		226 4.9%		218 4.3% 4%
	營業成本		(2,877) (62.1%)		(3,087) (61.1%) (7%)
	營業毛利		1,757 37.9%		1,968 38.9% (11%)
	營業費用 推銷管理費用 研發費用		(897) (19.4%) (381) (8.2%)		(967) (19.1%) (7%) (341) (6.7%) 12%
	營業淨利		479 10.3%		660 13.1% (27%)
	營業外收入及支出		109 2.4%		102 2.0% 7%
	稅前淨利 所得稅費用		588 12.7% (89) (1.9%)		762 15.1% (23%) (120) (2.4%) (26%)
	本期淨利		499 10.8%		642 12.7% (22%)
	其他綜合損益淨額		(35) (0.8%)		140 2.8% n/a
	綜合損益總額		$ 464 10.0%		$ 782 15.5% (41%)
	淨利歸屬於: 本公司業主 非控制權益		511 11.0% (12) (0.2%)		647 12.8% (21%) (5) (0.1%) n/a
			$ 499 10.8%		$ 642 12.7% (22%)
	每股盈餘		$ 1.36		~~10~~ $ 1.73 (21%)

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資產負債摘要及財務指標

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集團合併 (單位：佰萬新台幣) 資產負債摘要 現金及流動金融資產 存貨 短期負債 長期負債 股東權益			2014. 6月 4,488 1,754 189 2,674 8,398	2013. 12月 + / - % 2,364 90% 1,531 15% 794 - 76% 819 n/a 8,717 - 4%
總資產			15,367	12,768 20%
存貨週轉天數 應收帳款週轉天數 應付帳款週轉天數 淨負債資產比(%)			103 115 97 -	88 102 86 -
股東權益報酬率(%)			12%	15%
資產報酬率(%)			7%	10%
現金流量 (單位：佰萬新台幣) 未計利息稅項折舊及攤銷 營業現金流入	2014上半年 743 825	2013上半年 925 816		年成長 (20%) 1%
自由現金流量	(1,105)	348		n/a

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股東報酬率及資產報酬率皆已年化。

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自由現金流量 = 營運活動之淨現金流入 + ( 投資活動之淨現金流出 ) 。

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本季重點摘要

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第 2 季重點摘要

• 總營業收入 : $12.49 億新台幣，

季成長 33% ，年成長 25%

• 營業毛利率 : 56%

• 營業利益率 : 23%

• 淨利 : $3.33 億新台幣，

季成長 87% ，年減少 22%

• 2014 年第 2 季摘要 :

• 本季主要營收成長來自於半導體測試解 決方案及 Turnkey Solutions ，特別是太

陽能相關設備。

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營業收入 營業毛利
營業利益率
57%
56%
54% 53% 55%
56% 1,249
1,072
1,001 1,033
937
821
23%
21%
19%
18%
17% 18%
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2013.1Q 2013.2Q 2013.3Q 2013.4Q 2014.1Q 2014.2Q

2014年第2季損益表摘要(母公司)

	損益表摘要(母公司) (單位:佰萬新台幣，除每股盈餘為新台幣元)		2014.2Q %		2014.1Q % QoQ %	2013.2Q % YoY %
	淨營業收入		1,249 100.0%		937 100.0% 33%	1,001 100.0% 25%
	營業成本		(546) (43.7%)		(421) (44.9%) 30%	(457) (45.6%) 19%
	營業毛利		703 56.3%		516 55.1% 36%	544 54.4% 29%
	營業費用 推銷管理費用 研發費用		(236) (18.9%) (179) (14.3%)		(183) (19.5%) 29% (162) (17.3%) 10%	(198) (19.8%) 19% (156) (15.6%) 15%
	營業淨利		288 23.1%		171 18.3% 68%	190 19.0% 52%
	營業外收入及支出		91 7.3%		31 3.3% 194%	264 26.4% n/a
	稅前淨利		379 30.4%		202 21.6% 88%	454 45.4% (17%)
	所得稅費用		(46) (3.7%)		(24) (2.6%) 92%	(25) (2.5%) 84%
	本期淨利		$ 333 26.7%		$ 178 19.0% 87%	$ 429 42.9% (22%)
	其他綜合損益淨額		(83) (6.7%)		47 5.0% n/a	78 7.8% n/a
	綜合損益總額		$ 250 20.0%		$ 225 24.0% 11%	$ 507 50.7% (51%)
	每股盈餘		$ 0.88		$ 0.48 83%	$ 1.15 (23%)

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本季營業外收入包含 100% 持有之子公司淨利認列，日茂為獲利為 1 仟 2 佰萬新台幣 ( 季下滑 29% ，年成長 20%) ，威光為獲利 2 仟萬新台幣 ( 季成長 22% ，年下滑 90%) 。

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2014年上半年年損益表摘要(母公司)

	損益表摘要(母公司) (單位:佰萬新台幣，除每股盈餘為新台幣元)		2014.1H %		2013.1H % YoY %
	淨營業收入		2,186 100.0%		1,822 100.0% 20%
	營業成本		(967) (44.2%)		(820) (45.0%) 18%
	營業毛利		1,219 55.8%		1,002 55.0% 22%
	營業費用 推銷管理費用 研發費用		(419) (19.2%) (340) (15.6%)		(368) (20.2%) 14% (298) (16.4%) 14%
	營業淨利		460 21.0%		336 18.4% 37%
	營業外收入及支出		121 5.5%		358 19.7% (66%)
	稅前淨利		581 26.5%		694 38.1% (16%)
	所得稅費用		(70) (3.1%)		(47) (2.6%) 49%
	本期淨利		$ 511 23.4%		$ 647 35.5% (21%)
	其他綜合損益淨額		(35) (1.6%)		140 7.7% n/a
	綜合損益總額		$ 476 21.8%		$ 787 43.2% (40%)
	每股盈餘		$ 1.36		$ 1.73 (21%)

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營業外收入包含 100% 持有之子公司淨利認列，日茂為獲利為 2 仟 9 佰萬新台幣 ( 年成長 32%) ，威光為獲利 2 仟 9 佰萬新台幣 ( 年 。 下滑 90%)

資產負債摘要及財務指標

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未合併 (單位：佰萬新台幣) 資產負債摘要 現金及流動金融資產 存貨 短期負債 長期負債 股東權益			2014. 6月 2,570 1,392 3 2,552 8,270	2013. 12月 406 1,174 630 700 8,578	+ / - % n/a 19% n/a n/a - 4%
總資產			13,483	10,989	23%
存貨週轉天數 應收帳款週轉天數 應付帳款週轉天數 淨負債資產比(%)			239 149 110 -	231 149 84 11%
股東權益報酬率(%)			12%	15%
資產報酬率(%)			8%	12%
現金流量 (單位：佰萬新台幣) 未計利息稅項折舊及攤銷 營業現金流入	2014年第2季 419 285	2014年第1季 240 354		季成長 75% (20%)	2014上半年 年成長 659 (14%) 639 19%
自由現金流量	(1,525)	332		n/a	(1,192) n/a

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All ROE + ROA has been annualized.

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Free Cash Flow = Net Cash Provided by Operating Activities + (Net Cash used by Investing Activities)

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營運概況

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產品銷售佔比

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(單位:百萬新台幣) 量測及自動化檢測設備 半導體測試解決方案 Turnkey Solutions 其它		2014.2Q % 734 58.7% 260 20.8% 203 16.3% 52 4.2%		2014.1Q % 594 63.4% 158 16.8% 146 15.6% 39 4.2%	季成長 24% 65% 39% 33%	2013.2Q % 687 68.6% 206 20.6% 62 6.2% 46 4.6%	年成長 7% 26% 227% 13%
Total		1,249 100.0%		937 100.0%	33%	1,001 100.0%	25%

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合併營收佔比

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(Unit: Million NTD) 致茂電子 (含海外量測事業子公司) 威光自動化 日茂新材料 其它		2014.2Q % 1,466 55.8% 186 7.1% 851 32.3% 125 4.8%		2014.1Q % 1,081 53.9% 96 4.8% 728 36.3% 101 5.0%	QoQ 36% 94% 17% 24%	2013.2Q % YoY 1,186 41.0% 24% 684 23.7% (73%) 903 31.3% (6%) 115 4.0% 8%
合併集團營收		2,628 100.0%		2,006 100.0%	31%	2,888 100.0% (9%)

** Adjustments & Eliminations are mainly intercompany transactions and net to Chroma ATE.

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銷售佔比 (累計)

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A Turnkey Solution and Intelligent Automation Line Provider

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5,640 5,338 4,174 3,926 2,186
Parent Only
6% 7% 6% 5% 4%
10% 9% 16%
量測及自動化檢測設備 19% 21%
17% 21%
Turnkey Solutions 10% 19%
9%
半導體測試解決方案
其他
65% 63% 67% 65% 61%
2010 2011 2012 2013 2014.1H
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2014 年摘要

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2014 年第 2 季致茂母公司營收較上季成長 33% ，單季營收創 6 季以來新高。主要營 收貢獻來自於半導體測試解決方案及 Turnkey Solutions ，各較上季成長 65% 及 。 39% 。而量測及自動化檢測設備仍舊穩健，較上季成長 24% 致茂電子預期第 3 季將持續向上成長， Turnkey Solutions 將是下半年主要成長動能。 公司強健的研發能力及完善全球支援據點持續深耕及獲取全球指標性客戶採用。 2014 年主要成長動能來自於致茂主體，特別是 Turnkey Solutions 及半導體測試解 、 決方案。而量測及自動化測試設備則受惠於新電力電子之應用，如 4G LTE servo power 及潔淨科技等產業維持穩定成長。

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Innovations in Test & Automation

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Turnkey
Solutions
Innovation
&
Speed
Test Semi-
Instruments conductor
& Test
ATS Solutions
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Test Instruments & ATS

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Innovation in Flat Panel Display Test Solution

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4K Video Pattern Generator

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New
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• High speed graphic engine support up to 4K x 2K

• ultra high resolution display test

• Comply with Display Port / HDMI standard

• Support 3D standard

(Model: 2235)

FPD AOI System

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New
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• Detection items: dot defect, line defect, etc.

• Applies to small and medium size display

• Integrated with video pattern generator or LCM ATS in one click to complete all measurements

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(Model: 7661)

Innovation in Power Electronics

& Electrical Safety Test Solution

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Regenerative Grid Simulator

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New
(Model: 61800)
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• Inverter/ battery inverter/ EV charger for smart grid application

• Bi-directional AC source (4-quadrant)

• High power 60kVA (1 & 3-phase output)

• Parallelable up to 300kVA

Impulse Winding Tester

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New
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• Test inductance range : 0.1uH~100uH

• Test voltage range : 10V~1000V; sampling resolution 0.25V

• Contact check by inductance measuring

• High test speed: < 40mS (Pulse 1.0)

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(Model: 19301)

Innovation in Battery Test Solution

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Battery Charge & Discharge Test System

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New
Energy
Recycling
Technology
(Model: 17011)
Battery Pack ATS
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• Battery capacity and DCIR test

• EDLC capacitance and DCR

• Driving cycle simulation

• Cycle life test

• 5V, 20A, 90 channels

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New
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(Model: 8700)
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• Initial checks

• Electrical tests

• CAN communication tests

• Performance test

• Final checks

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Semiconductor Test Solutions

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Innovation in Semiconductor Test Solution

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CIS VLSI Test & Handler Combo Solution

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New
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• 3380P + 3270 CIS Combo Solution

• Bundled test cell including ATE, handler, light source & capture cards

• NTSC supported

• Application coverage including smartphone 5M/8M CIS, automotive CIS, and etc.

(Model: 3380P + 3270 CIS as combo solution)

Full Range Active Thermal Control Handler

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(Model: 3110-FT)
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• High throughput tri-temperature test

• Full range ATC -40~125 ℃ with socking buffer

• Remote control operation

• Intelligent auto retest & auto re-tray

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Turnkey Solutions

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Inductor Impulse Winding Test System

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 Semi 4-terminals impulse winding test

 High through-put: Up to 1,400 pcs / min

 Cpk and quality control software

(Model: 1871)

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Inductor Automatic Test & Packing Solution

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Inductor Automatic Test & Packing System

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• High output speed: Up to 1,200 pcs / min

• DUT auto positioning for packing

• Cpk and quality control software

• Test Items :

• Winding phase

• Inductance, Q/ACR

• Winding resistance

• Impulse test (optional)

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(Model: 1870)
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Solar Cell Inspection Test & Sorting System

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• High throughput: dual-lane sorter, 3,600/hr., >60megaW/yr

• Integrated with inspector and IV tester

• Modularized sorting bins

(Model: 3760)

• Low breakage rate

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Sorting
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IV Testing
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AOI
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Loading
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Battery Pack Automatic Assembly & Test Line

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~ 30 50m Automated Production Line

Functions:

•  Loading/unloading

•  Bending

•  Cutting

•  Positioning

•  Assembly  Sealing

•  Testing

•  MES

• Modularized tooling station

• Flexibility for different assembly process

• High speed free flow conveyor line

•  Welding

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www.chromaate.com

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let’s make a better world Thank You!

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